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Companies

First Bank partners with WorldRemit for digital money transfers to Nigeria

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Leading digital money transfer service WorldRemit has joined forces with First Bank of Nigeria Limited (First Bank) for instant money transfers to all First Bank accounts in Nigeria.

The new strategic partnership considerably expands WorldRemit’s footprint in the country and allows its customers in over 50 countries to send money to First Bank accounts directly from their phones. The deal supports WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020.

First Bank is collaborating with WorldRemit to drive convenience and ease of banking for its customers as well as provide the much-needed push for financial inclusion initiatives. Established since 1894 and with footprint in 6 African countries and a full-fledged branch in London, First Bank has over 14 million customer accounts and more than 750 business locations providing a comprehensive range of retail and corporate financial services across these markets.

With a diaspora of over 15 million people living in countries such as the United States, the United Kingdom and Germany, remittances play an increasingly important role in Nigeria’s economy. The World Bank estimates that in 2017 alone Nigeria received over $22 billion in remittances, making it the largest recipient in Africa.

Sub-saharan Africa still remains the most expensive region to send remittances to, with an average cost of 9.4 percent for sending $200, according to the World Bank.

Andrew Stewart, Regional Head of Middle East & Africa at WorldRemit, said: “We are delighted to be partnering with First Bank, one of Nigeria’s leading banks, to give its 14 million customers access to our best in class money transfer experience. Nigeria remains our largest and fastest growing market in Africa, and WorldRemit’s second biggest market globally. This is a key partnership in the country that will further support Nigeria’s transition from offline remittances to online, safer, faster and lower-cost money transfer methods.”

Abiodun Famuyiwa, Group Head of Products and Marketing Support at First Bank, added:The Bank is excited to be working WorldRemit in delivering swift digital remittances to its customers in Nigeria. This partnership is one of the numerous ways the Bank would continue to put customers first by leading the industry in the use of technology to provide safe, convenient and fast banking solutions”.

Last year WorldRemit became Arsenal FC’s first-ever online money transfer partner in a global sponsorship deal. WorldRemit customers complete 1 million transfers every month from 50 countries to over 145 destinations. More than half of its transfers go to Africa.

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To find out how to send money to Nigeria please visit https://www.worldremit.com/en/nigeria

Sources: International Monetary Fund; World Development Indicators; World Bank staff estimates retrieved on 4 June 2018 from https://bit.ly/2r65opH (page 5).

About WorldRemit

WorldRemit is changing the way people send money.

It’s easy – just open the app or visit the website – no more agents.

  • Transfers to most countries are instant – send money like an instant message.
  • More ways to receive (Mobile Money, bank transfer, cash pickup, and mobile airtime top-up).
  • Available in over 50 countries and 145+ destinations.
  • Backed by Accel Partners and TCV – investors in Facebook, Spotify, Netflix and Slack.

WorldRemit’s global headquarters are in London, UK with offices in the United States, Canada, South Africa, Singapore, the Philippines, Japan, Australia and New Zealand.

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NM Partners represent articles published in paid partnerships with corporate organisations. They include press releases, targeted content, and other forms of corporate communications on behalf of our Paid Partners.

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Companies

Africa Prudential proposes dividend of N1 billion for shareholders

Africa Prudential Plc has proposed a sum of N1 billion as dividend for shareholders.

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African Prudential could be worth more than N4.55

The Board of Directors of Africa Prudential Plc has proposed a sum of N1 billion as dividend to shareholders for the period ended 31st of December 2020.

This is according to a disclosure signed by the firm’s secretary, Joseph Jibunoh and sent to the Nigerian Stock Exchange, as seen by Nairametrics.

According to the notification, the proposed dividend will be paid electronically to qualified shareholders on the 26th of March, 2021, subject to appropriate withholding tax and approval from the company’s Annual General Meeting (AGM) scheduled a day earlier.

The breakdown of the proposed dividend shows that a sum of 50 kobo will be paid for each outstanding 2,000,000,000 ordinary shares of the company, held by its shareholders, totalling N1 billion. The proposed dividend is 28.6% lower than the 2019 figures of N1.4 billion.

The comparative decline in the company’s proposed dividend for the year might be attributed to a recent dip in profit and other key metrics recorded by the firm in its latest audited financial statement for 2020. For example, the firm posted a profit of N1.45 billion for the year, indicating a decline of 13.98% YoY. In addition, its earnings per share declined by 14.29% to print at 72 kobo.

What you should know

  • Africa Prudential had recently announced the appointment of Mrs Zubaida Rasheed as Director.
  • Africa Prudential Plc, formerly known as UBA Registrars Ltd, was incorporated as a private limited liability company on 23rd March 2006. It was listed in the NSE on 17th of January, 2013.

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Companies

Dangote Sugar proposes N18.2 billion as final dividend for 2020

Dangote Sugar Refinery Plc has proposed a sum of N18.2 billion as the final dividend for shareholders.

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Dangote Sugar proposes N18.2 billion as final dividend for 2020

The Board of Directors of Nigeria, Dangote Sugar Refinery Plc has proposed a sum of N18.2 billion as the final dividend for shareholders for the period ended 31st December 2020.

This announcement was contained in the audited financial statement of the leading integrated sugar company.

In line with the statement of the Board of DSR, the approval of this proposed dividend at the forthcoming Annual General Meeting will see Dangote Sugar pay out a final dividend of N1.50 for each of the outstanding 12,146,878,241 ordinary shares of the company, held by its shareholders.

The proposed dividend is 36.36% higher than the final dividend of N1.1 per share (N13.36 billion) the sugar company paid its shareholders in 2019.

What you should know

  • Dangote Sugar Refinery declared in its audited statement for the period ended 31st December 2020 that its profit for the year climbed to N29.8 billion, from N22.4 billion in 2019.
  • According to these figures, DSR’s earnings per share for 2020 are pegged at N2.45. Hence, with a dividend of N1.50 per share, Dangote Sugar is set to payout 61.2% of its profits for 2020.
  • At the close of trading activities on the floor of the Nigerian Stock Exchange today, shares in Dangote Sugar Refinery declined by 0.83% to close lower at N17.85.
  • At this price, the dividend yield of Dangote Sugar shares is 8.40%.

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